Wheat Market Experiences Mixed Results as Crop Progress Updates Come In

The wheat market took a step back from its earlier highs on Monday, finishing with mixed results. Chicago SRW futures ended the day fractionally mixed, while KC HRW contracts gained between 0.25 and 1.75 cents. In contrast, MPLS spring wheat ended lower, reporting losses of 2 to 5.25 cents by the close.

According to the Monday afternoon Crop Progress report, 73% of the U.S. winter wheat crop had been planted as of October 20, which is 3 percentage points behind the usual pace. Furthermore, emergence of the crops is at 46%, compared to the 52% average for this time of year.

Data from Export Inspections revealed that 268,375 metric tons (9.7 million bushels) of wheat were shipped during the week ending October 17. This figure represents a decline of 28.4% from the previous week, although it’s 58.35% higher than the same week last year. Japan was the leading destination, importing 97,779 metric tons, followed closely by Mexico with 50,847 metric tons. Cumulatively, shipments for the marketing year now stand at 9.26 million metric tons (340 million bushels), which is 33.75% higher than the same period last year.

Dec 24 CBOT Wheat  closed at $5.72 1/4, down 0.5 cent.

Mar 25 CBOT Wheat  closed at $5.92 1/4, down 0.25 cent.

Dec 24 KCBT Wheat  closed at $5.82 1/4, up 1.5 cents.

Mar 25 KCBT Wheat  closed at $5.97, up 1.25 cents.

Dec 24 MGEX Wheat  closed at $6.14, down 2.5 cents.

Mar 25 MGEX Wheat  closed at $6.36, down 2 cents.

On the date of publication,

Austin Schroeder

did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy

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